I understand that hence why I said it would be more expensive later than doing it now. SSDs have came down quite a bit in price now anyhow, you can 1TB for as cheap as 200$. If you're on a budget it makes more sense to buy the higher end PCI components such as a GPU because it would be silly to buy a 500$ GPU later when you already have bought a 300$ GPU. Either A. Its going to be come a paper weight B. You're going to sell it for peanuts.
A 1TB SSD would be a great addition no matter what later on that would just further augment your PC without taking away any existing value.
Another great option is for him to budge on storage space for a bit and settle for a 240GB SSD which are super cheap these days and just add additional storage as budget allows.
All I'm saying is I don't think he should be putting additional money than his build already has into storage where it could be better served with higher end components that you're not going to want to upgrade for at least a couple years.
Anyhow this is completely becoming a matter of opinion with no right answer, so I digress

Yeah I realized after it was a poor example. Point is you still can it would just be more costly to do it later than now. I still believe at least initially money is better served elsewhere. If you're even slightly technically inclined, you can do all the other bells and whistles later on.

Ah, well you're right where you should be then. The only change I would make personally within your budget is I would downgrade to the i5 k series to free up another hundred and then I would opt for the GTX 1070 since that is going to be the biggest improvement for your use and I'd personally regret not doing so as it's going to be hitting the market in about a month.
I7 has hyper threading which is only useful for applications that actually use it, and afaik it has no benefit to streaming or is negligible. A better GPU would certainly provide better gains than hyperthreading. In the tech industry I use ALOT of computers and honestly I've never been on an i5 thinking to myself "Man I wish I had an i7 right now" I only get I7's because I have a habit of wanting the best.
But anyhow, as it stands right now it's a perfectly acceptable build that would serve you well.

I would be super tempted personally to go for the new GTX1080 but I think in the end I'd say fuck it and wait. Upgrading every generation just isn't worth it, unless you meet the criteria in which you might actually see a perceivable difference. I remember when I bought the 980 right after my 780 and I was quite honestly disappointed it may as well have been the same GPU because I didn't see a damn difference besides circle jerking to my benchmark score, so I returned it.
I will however be upgrading from my 780 to a single 1080 as I see that being worthwhile. I don't do 4k or anything crazy, just a single 1440p monitor so I like single card setups otherwise I'm generating unnecessary heat for no perceivable gain.

Not too bad.
Firstly, I'd hold off a little bit longer because nvidia just announced the GTX1080 which means 9xx will likely be dropping further in price.. Which can mean a couple things
You can buy the same GPU you're looking at now for less
You can buy the GTX1070 which is a step below 1080 for probably about the same price (maybe a little more)
Edit: The 1070 will be $379 and the 1080 will be $599
Second while that PSU should support your components I'd personally go for atleast a 750w so you have some wiggle room to expand later.
Third.. If you plan on doing overclocking (which I assume you do based on your k series cpu) I'd up the fan a little bit..
http://www.newegg.com/Product/Product.aspx?Item=N82E16835608018&cm_re=cpu_fan_noctua-_-35-608-018-_-Product
That fan has been the champion in air cooling for quite some time. However I personally watercool so I don't have any first hand experience.
Lastly, I also always use i7 processors however I run alot of enterprise applications outside of gaming and use my system for development. If you plan on using it strictly for gaming and regular use the i7 will not provide any large benefits over the i5 except another $100+ hole in your pocket.

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